Bearish wagers against Xiaomi Corp. climbed to a record ahead of first-quarter earnings, with short interest rising to about 9% of free float last week from less than 2% a year earlier, according to S3 Partners. Xiaomi shares have fallen about 50% from a record high in July, making them among the weakest performers on the Hang Seng Tech Index over that period. Kevin Net said rising memory prices, a weak consumer environment in China and intense competition in the EV market have weighed on profit

Bearish wagers against Xiaomi Corp. climbed to a record ahead of first-quarter earnings, with short interest rising to about 9% of free float last week from less than 2% a year earlier, according to S3 Partners. Xiaomi shares have fallen about 50% from a record high in July, making them among the weakest performers on the Hang Seng Tech Index over that period. Kevin Net said rising memory prices, a weak consumer environment in China and intense competition in the EV market have weighed on profitability and sentiment.